Stock in MTN's Zakhele empowerment scheme can finally change hands again this Wednesday.
This comes after a November suspension of trade in the stock, following a system crash, and is about a month-and-a-half after the shares were set to go live again. In a statement, the scheme says shares in the R13.8 billion fund will be tradable again from 29 January through an online platform and the call centre.
Trading initially launched on 25 November, but was suspended a few days later. During the two days that trade did take place, almost 200 000 shares - worth a total of R15.9 million - were traded. The stock closed at R80 on 26 November.
MTN Zakhele says since the collapse of the platform, the new base has been "thoroughly tested" and the capacity of the call centre increased to handle a higher volume of calls. It did not indicate what sort of volumes can be handled through the system.
The scheme explains the delay in resuming trading was due to a requirement to "engage with the regulatory authorities in order to apprise them of the upgraded system and results of testing". Approval for trading has now been granted.
Chairman Thulani Gcabashe regrets the delays and the inconvenience that users have experienced. "We are confident that the updated system is robust and will be able to accommodate higher volumes of activity upon resumption of trading on Wednesday."
Ordinary shares in MTN Zakhele are owned by about 120 000 black investors, who were locked in for a three-year period after buying in at R20 a share in November 2010.
The scheme collectively owns 4% of the MTN Group and has been touted as the largest empowerment deal in the telecoms sector.
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